PALM BEACH, FL, July 6, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced that it has acquired the 120-room Hampton Inn & Suites® Houston – Medical Center (top left photo) in Houston, Texas for $16.5 million.
The hotel is the first acquisition to be completed by Chatham in a previously announced agreement to acquire a portfolio of four hotels for an aggregate purchase price of $61 million, and marks the seventh acquisition completed by Chatham since its April 21, 2010 initial public offering.
Upon completion of the acquisition of the remaining three hotels in this four-hotel portfolio and the acquisition of a previously announced additional hotel under contract in the greater metropolitan New York area, Chatham will own 11 hotels.
“The Houston Hampton Inn & Suites fits our acquisition profile of premium-branded, select-service and upscale extended-stay hotels in markets with high barriers to entry near strong demand generators,” said Jeffrey H. Fisher, (middle right photo) Chatham’s chief executive officer. “We have an active pipeline and an aggressive appetite to add to our portfolio.”
Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay hotels and premium-branded, select-service hotels. The company currently owns seven hotels with an aggregate of 933 rooms/suites and has an additional four hotels under contract to purchase.
Additional information about Chatham may be found at www.chathamlodgingtrust.com.
Contact:
Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com
Peter Willis, Chief Investment Officer, (Media) (Acquisitions), (561) 227-1387, pwillis@cl-trust.com
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